TaxTMI 
TaxTMI 
Period for which goods may remain warehoused
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....ase of any goods referred to in this clause, the Principal Commissioner of Customs or Commissioner of Customs may, on sufficient cause being shown, extend the period for which the goods may remain in the warehouse, by not more than one year at a time: Provided further that where such goods are likely to deteriorate, the period referred to in the first proviso may be reduced by the Principal Commissioner of Customs or Commissioner of Customs to such shorter period as he may deem fit. (2) Where any warehoused goods specified in clause (c) of sub-section (1) remain in a warehouse beyond a period of ninety days from the date on which the proper officer has made an order under sub-section (1) of section 60, interest shall be payable at such rate as may be fixed by the Central Government under section 47, on the amount of duty payable at the time of clearance of the goods, for the period from the expiry of the said ninety days till the date of payment of duty on the warehoused goods: Provided that if the Board considers it necessary so to do, in the public interest, it may,-- (a) by order, and under the circumstances of an exceptional nature, to be specified in su....
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....p; "three years" 4B. Substituted vide Section 50 of the Finance Act, 1983 w.e.f. 13-05-1983 before it was read as, "three years" 5. Substituted vide Section 50 of the Finance Act, 1983 w.e.f. 13-05-1983 before it was read as, "one year" 5A. Substituted vide Section 50 of the Finance Act, 1983 w.e.f. 13-05-1983 before it was read as, "one year" 5B. Substituted vide Section 50 of the Finance Act, 1983 w.e.f. 13-05-1983 before it was read as, "one year" 6. Substituted vide Section 50 of the Finance Act, 1983 w.e.f. 13-05-1983 before it was read as, "one year" 7. Inserted vide Section 50 of the Finance Act, 1983 w.e.f. 13-05-1983 8. Inserted vide Section 38 of the Finance Act, 1984 w.e.f. 11-05-1984 9. Substituted vide Customs (Amendment) Act, 1985 dated 27-12-1985 before it was read as, "(a) in the case of non-consumable stores, till the expiry of ^4[one year]; and" 10. Substituted vide Customs (Amendment) Ac....
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....riented undertaking; or (v) goods which the Central Government may, if it is satisfied that it is necessary or expedient so to do, by notification in the Official Gazette, specify for the purposes of this clause, till the expiry of one year. Explanation.- For the purposes of sub-clause (iv), "hundred per cent. export-oriented undertaking" has the same meaning as in Explanation 2 to sub-section (1) of section 3 of the Central Excises and Salt Act, 1944 (1 of 1944);] (b) in the case of any other goods, till the expiry of ^10[thirty days], after the date on which the proper officer made an order under section 60 permitting the deposit of the goods in a warehouse:] Provided that- (i) in the case of any goods which are likely to deteriorate, the aforesaid period of ^2[^4A[one year] or ^11[thirty days], as the case may be,] may be reduced by the Collector of Customs to such shorter period as he may deem fit; (ii) in the case of any goods which are not likely to deteriorate, the aforesaid period of ^2A[^4B[one year] ^12[****]] may, on sufficient cause being shown, be extended by the Collector of Customs for a period ....
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....extension of the aforesaid period or otherwise, interest at such rate as is specified in section 47 shall be payable, on the amount of duty payable at the time of clearance of the goods in accordance with the provisions of section 15 on the warehoused goods, for the period from the expiry of the said warehousing period till the date of payment of duty on the warehoused goods:" 18. Substituted vide Section 106 of the Finance Act, 2001 w.e.f. 01-06-2001 (Notified vide Notification No. 23/2001 - Customs (N.T.) dated 22-05-2001) before it was read as, "six months" 18A. Substituted vide Section 106 of the Finance Act, 2001 w.e.f. 01-06-2001 (Notified vide Notification No. 23/2001 - Customs (N.T.) dated 22-05-2001) before it was read as, "six months" 19. Substituted vide Section 124 of the Finance Act, 2002 w.e.f. 05-11-2002 before it was read as, "(i) in the case of any goods which are not likely to deteriorate, the period specified in sub-section (1) may, on sufficient cause being shown, be extended by the ^16[Commissioner of Customs] for a p....
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.... of any other goods, till the expiry of one year, after the date on which the proper officer has made an order under section 60 permitting the deposit of the goods in a warehouse: Provided that- ^19[(i) in the case of any goods which are not likely to deteriorate, the period specified in ^22[clause (a) or clause (aa) or clause (b)] may, on sufficient cause being shown, be extended- (A) in the case of such goods intended for use in any hundred per cent, export oriented undertaking, by the ^26[Principal Commissioner of Customs or Commissioner of Customs], for such period as he may deem fit; and (B) in any other case, by the ^26A[Principal Commissioner of Customs or Commissioner of Customs], for a period not exceeding six months and by the ^25[Principal Chief Commissioner of Customs or Chief Commissioner of Customs] for such further period as he may deem fit;] (ii) in the case of any goods referred to in clause (b), if they are likely to deteriorate, the aforesaid period of one year may be reduced by the ^26B[Principal Commissioner of Customs or Commissioner of Customs] to such shorter period as he may deem fit; ....